ok I'm just stumped on this for some reason
I had a truck in my business which i put in service in 2019 and took it out of service in 2024 but did not sell it now doing my 2025 taxes I need to put that I sold this vehicle in 2025 this is the question. used the standard mileage rate all years
1. I purchased this truck for 43000.00
2. the usage on this truck varied for the 5 years
3. do I take the 43000.00 and multiply the percentage to get the business portion used in my business 43000 x .11% =14237.00 ?
4. the next year i did 36.91% then 28.94% next year 3.86% 2.14& do I take all the years and multiply them by the 43000.00 to get the total amt of the sales price?
which totals 45168.80 I sold the vehicle for 35000.00 the miles i got from 2019-2023 was a total of 5545.00
so on the sale of business or rental property
description i put 2017 truck
date acquired 06/17/2019
date sold 01/31/2025
total sales price 35000.00
cost of property 43000.00
depreciation taken (miles) $5545.00
so what I am wondering if I add up the business portion used on the vehicle it comes to 45168.80 which is more than I sold it for
1. do I put the 45168.80 as the sales price? or the 35000.00 I actually sold it for?
sorry this is so long i can not see to find any answers to this crisis I'm having
thanks to any one that has time for this answer.
